TEEKAY’S Q3-2018 EARNINGS PRESENTATIONNovember 15, 2018

Forward Looking Statements

2

This presentation contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect

management’s current views with respect to certain future events and performance, including statements, among other things, regarding: the effect

of Teekay Tankers' financing transactions on its liquidity and debt maturity profile; the impact of contract extensions on future cash flows; the timing

and certainty of the Company’s sale of its ownership interest in Sevan, and the expected income/gain from the sale; the anticipated benefit to the

Company’s future financial results and balance sheet from the delivery of the remaining LNG projects and newbuildings over the next few years; the

timing and cost of delivery and start-up of various newbuildings and other projects and the commencement of related contracts; the effects of future

newbuilding deliveries on Teekay LNG’s future cash flows; Teekay LNG’s proposed election to be classified as a corporation, instead of a

partnership, for U.S. federal income tax purposes, and the effects of any such change; Teekay LNG’s guidance as to 2019 cash distributions, and

the expected benefits of Teekay LNG’s capital allocation strategy, including its ability to consider additional return of capital to its unitholders in the

future; Teekay LNG’s ability to benefit from future LNG fundamentals; the completion and impact of Teekay Offshore’s newbuilding orders on its

position in the North Sea CoA shuttle tanker market, and customer demand in that market; the timing and amount of future settlement payments

from Petrobras, including the impact on revenue for the fourth quarter of 2018 and of any Offset Amounts; the estimated effect of the rate reduction

relating to the Piranema Spirit FPSO; the timing and certainty of the effectiveness of the agreement with Alpha to develop the Cheviot field, including

satisfaction by Alpha of the various conditions precedent to its effectiveness; the expected requirements of ALP Maritime to service fuel consumption

and emissions for the shuttle tanker newbuildings; the ability of the Teekay Group to benefit from a broader energy and tanker market recovery; the

potential upside from charter arrangements that include a variable rate component; Teekay Tankers potential free cash flow upside from higher

tanker rates; and Teekay Parent’s future FPSO cash flow from vessel operations. The following factors are among those that could cause actual

results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating

any such statement: changes in exploration, production and storage of offshore oil and gas, either generally or in particular regions that would

impact expected future growth, particularly in or related to North Sea, Brazil and East Coast of Canada offshore fields; changes in the demand for

oil, refined products, LNG or LPG; changes in trading patterns significantly affecting overall vessel tonnage requirements; greater or less than

anticipated levels of vessel newbuilding orders and deliveries and greater or less than anticipated rates of vessel scrapping; changes in global oil

prices; issues with vessel operations; variations in expected levels of field maintenance; increased operating expenses; potential project delays or

cancellations; newbuilding or conversion specification changes, cost overruns, or shipyard disputes; changes in applicable industry laws and

regulations and the timing of implementation of new laws and regulations; the effects of IMO 2020; the potential for early termination of long-term

contracts of existing vessels; delays in the commencement of charter or other contracts; the ability to fund remaining capital commitments and debt

maturities; the Daughter Entities’ ability to secure or draw on financings; the result of potential rechartering discussions and negotiations; the

outcome of the unitholder vote at the special meeting to approve changes to the tax classification of Teekay LNG and related amendments to

Teekay LNG’s partnership agreement, and the actual effect of any such changes on Teekay LNG and its unitholders; actual levels of quarterly

distributions approved by Teekay LNG's general partner; the ability of Alpha to satisfy all of the conditions precedent relating to the contract between

Teekay Offshore and Alpha; failure to complete the sale of shares in Sevan; and other factors discussed in Teekay’s filings from time to time with the

SEC, including its Annual Report on Form 20-F for the fiscal year ended December 31, 2017. Teekay expressly disclaims any obligation or

undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Teekay’s

expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

33

Q3-18 Results

Teekay Corporation Consolidated

• Q3-18 consolidated total CFVO(1) of $196.4 million, compared to $164.2 million in Q2-18

• Q3-18 consolidated adjusted net loss(1)

of $11.4 million, or $0.11 per share, compared to adjusted net loss of $21.6 million, or $0.21 per share, in Q2-18

Teekay Parent

• Q3-18 adjusted CFVO (1) of $19.8 million, compared to $16.6 million in Q2-18

○ Increase driven by higher cash flows from

oil price-linked production tariffs on the

Banff and Hummingbird Spirit FPSOs

(1) These are non-GAAP financial measures. Please see Teekay

Corporation’s Q3-18 release for definitions and reconciliations to the

comparable GAAP measures.

Project 2H-18 2019

MEGI LNG Carriers (100%)

Shell (ex. BG) LNG Carrier (20%)

Yamal LNG

ARC 7 Carriers (50%)

Bahrain Regas Terminal (30%)

and FSU (100%)

Teekay LNG Partners (“TGP”)

4

Existing Growth ProjectsRecent Highlights

• Q3-18 total CFVO(1) of $132.6 million and

adjusted net income(1) of $19.5 million, or $0.16

per common unit, up 15%, 44% and 78% from

Q2-18, respectively.

• Since June 2018, took delivery of three LNG

carrier newbuildings and a floating storage unit,

all on long-term charters

• Spot LNG shipping rates hitting multi-year highs

• Stronger market and early delivery of six LNG

newbuildings expected to result in higher CFVO

• Announced balanced capital allocation strategy

o Intention to increase 2019 distributions by 36%

o Allows TGP to delever balance sheet and better position

to return additional capital to unitholders and fund

attractive growth in the future

• Intend to amend tax structure to be treated as a

corporation instead of a partnership

o If approved by common unitholders, common and

preferred unit investors will receive 1099s (instead of

K-1s) starting in FY2019

Charter contract

Annual CFVO(2) attributable to TGP is expected to grow by

~$150 million per annum(3) with delivery of growth projects,

which is expected to naturally de-lever balance sheet

20-year FSU and terminal contracts

20-year contracts, plus extension options

Charter contracts through to 2045, plus

extension options

1 vessel with 8-year contract with Shell , 1

vessel with 13-year contract with BP, and 1

vessel with 15-year contract with Yamal LNG

(1) These are non-GAAP financial measures. Please see Teekay LNG’s Q3-18 earnings release for definitions and reconciliations to the comparable GAAP measures.

(2) Management did not prepare a reconciliation to the comparable GAAP measure because information to provide such a forward-looking estimate is not available

without unreasonable effort.

(3) Annualized incremental CFVO as of October 1, 2018, based on management estimates and assuming full delivery of vessels / growth projects.

2018 2019 20204.0x

5.0x

6.0x

7.0x

8.0x

9.0x

10.0x

Delevering While Returning Capital to Unitholders

• As TGP approaches its target leverage range, it enhances its capacity to:

o Return additional capital to unitholders – distribution increases and/or unit buybacks

o Disciplined, attractive growth

Building equity value inside TGP will benefit Teekay Parent through its LP

and GP interest longer-term

5

Target Leverage

of 5.5x

Ne

t D

eb

t / C

FV

O

Note: This slide is based on management estimates

Consolidated (GAAP)Proportionate Consolidated

Teekay Tankers (“TNK”)

6

• Q3-18 total CFVO(1) of $27.8 million,

compared to $16.6 million in Q2-18

• Q3-18 adjusted net loss(1) of $18.0 million, or

$0.07 per share, compared to $28.7 million,

or $0.11 per share, in Q2-18

• Crude spot tanker rates strengthened

counter-seasonally in Q3-2018 and have

continued to increase in Q4-2018 to-date:

o Suezmax – 59% booked at $19,000/day

o Aframax – 54% booked at $19,900/day

o LR2 Tankers – 42% booked at $17,000/day

• Completed three previously-announced

financings amounting to approximately $100

million in additional liquidity$0.00

$0.50

$1.00

$1.50

10,000 15,000 20,000 25,000 30,000 35,000

FC

F1

Pe

r S

ha

re

Average Mid-Sized TCE6

FCF2 Per Share Spot Rate Sensitivity3

(1) These are non-GAAP financial measures. Please see Teekay Tankers’ Q3-18 earnings release for definitions and reconciliations to the comparable GAAP measures.

(2) Free cash flow (FCF) represents net income, plus depreciation and amortization, unrealized losses from derivatives, non-cash items, FCF from equity accounted investments and any

write-offs or other non-recurring items, less unrealized gains from derivatives and other non-cash items. Please refer to the Teekay Tankers Earnings Releases for reconciliation to most

directly comparable GAAP financial measure.

(3) For 12 months ending Q3-19

(4) Based on 90% of Clarksons global average Aframax and Suezmax spot rates on November 9, 2018

(5) Based on weighted average number of forecast Suezmax and Aframax / LR2 spot market ship days for 12 months ending Q3-19

(6) Combined average Q4-18 spot TCE rate booked-to-date including RSA, non-pool voyage and FSL voyages

Q3-185

Q4-18 to-date5,6

Current Spot Rates4,5

Teekay Offshore Partners (“TOO”)

7

Existing Growth ProjectsRecent Highlights

• Q3-18 total CFVO(1) of $167.3

million and adjusted net income of

$7 million, compared to $162.2

million and an adjusted net loss of

$0.7 million in Q2-18

• Refinanced 2019 bond maturities

and 2022 promissory note with $700

million private placement of 8.5%

senior unsecured notes maturing in

2023

• Reached positive settlement

agreement with Petrobras for a total

of $96 million

• Entered into a conditional 7-year

charter agreement with Alpha

Petroleum for the Varg FPSO for

their development of the Cheviot oil

field(2)

Project 2018 2019 2020 2021

North Sea Shuttle

Tankers

(1) These are non-GAAP financial measures. Please see Teekay Offshore’s Q3-18 earnings release for definitions and reconciliations to the comparable GAAP

measures.

(2) Subject to completion of various conditions precedent.

Secured on charter contracts

Teekay Parent FPSOs Benefiting from Stronger Oil Prices

8

Discussing contract extensions for all 3 units

Banff Hummingbird Spirit Foinaven

Operating under Evergreen contract

with firm charter contract out to August

2019

Firm charter contract out to September

2020

Operating under Evergreen contract.

Fixed-rate, plus tariffs linked to oil

production and oil price

OPEX covered, plus tariffs linked to oil

production and oil price

Current contract includes production

and oil price tariff

-$5

$0

$5

$10

$15

$20

$25

Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18E Q4 '18E Q4 '18N

CFVO for 3 FPSOs Foinaven annual production bonus

FPSO contracts provide upside

exposure to oil prices

$60 Brent

$80 Brent

Estimated CFVO

range assuming

full production of

40,000 bbls/d

Quart

erly C

FV

Oin

$ m

illio

ns

(1)

(1) N = normalized for Q4-18 run-rate production excluding the impact of the Q4-18 shutdowns.

(2) As a result of the adoption of the new revenue accounting standard in Q1-18, $2 million of additional annual incentive revenue relating to the Foinaven FPSO

has been recognized in Q1-18, Q2-18, and Q3-18, which was historically recognized in the fourth quarter of each year.

Steady Progress Towards Greater Value Creation

9

Improving

Macro

Financial

Strength

Cash flow

growth

Key Drivers TGP TNK TOO TKC

LNG trade

increasing; hitting

multi-year high LNG

carrier spot rates

2018/19 financings

virtually complete;

delevering on the

back of project

deliveries and

balanced capital

allocation strategy

Total CFVO up 24%

(Q3-18 vs. Q3-17)

with more to come

as projects deliver

through 2019

Favourable

supply/demand

fundamentals; hitting

multi-year high

tanker spot rates

Completed

numerous financings

and continue to

focus on increasing

liquidity and

extending debt

maturity profile

Total CFVO up 35%

(Q3-18 vs. Q3-17)

as a result of higher

spot tanker rates and

Q4-18 rates higher

Increasing offshore

activity

Refinanced 2019

bond maturities;

naturally delevering

as growth projects

are fully reflected in

cash flows

Total CFVO up 35%

(Q3-18 vs. Q3-17)

as a result of project

deliveries

Global oil & gas

demand growing

driving need for oil

and gas shipping

Completed bond

buybacks; delevering

further with sale of

interest in Sevan

Marine and sale of

FPSOs over time

Teekay Parent

adjusted CFVO up

$19 million

(Q3-18 vs. Q3-17)

as a result of

stronger FPSO

results

Appendix

10

Consolidated Adjusted Net Loss ComparisonQ3-18 vs. Q2-18

11(1) Amounts are after adjusting Q3-18 and Q2-18 for items included in Appendix A to our Third Quarter 2018 Results Earnings Release and realized gains and losses on derivatives (see

slide 13 to this presentation for the Consolidated Adjusted Statement of Net Loss Reconciliation for Q3-18 and Q2-18)

(Thousands of U.S. Dollars except

per share amounts)

Q3-2018

(unaudited)(1)

Q2-2018

(unaudited)(1) Comments

Revenues 416,443 403,921

Voyage expenses (90,899) (94,912)

Net revenues 325,544 309,009

Teekay Parent - $6m increase primarily from the Banff FPSO from higher oil price linked tariff

revenues in Q3-18

Teekay LNG - $3m increase primarily due to vessel deliveries in Q2-18 and Q3-18 and less off-

hire days for scheduled drydockings. These increases w ere partially offset by low er rates

earned on certain vessels trading in the spot market.

Teekay Tankers - $8m increase primarily due to higher spot rates in Q3-18 compared to Q2-18

Vessel operating expenses (157,463) (161,755)

Teekay LNG - $6m decrease due to additional repairs and spares purchased on multi-gas

carriers in Q2-18

Time-charter hire expenses (20,965) (20,648)

Depreciation and amortization (69,967) (67,960) Teekay LNG - $2m increase due to vessels deliveries in Q2-18 and Q3-18

General and administrative expenses (19,050) (23,720) Teekay LNG - $3m decrease due to low er professional fees in Q3-18

Income from vessel operations 58,099 34,926

Interest expense (71,266) (65,373) Teekay LNG - $8m increase primarily due to vessel deliveries in Q2-18 and Q3-18

Interest income 2,103 2,095

Equity income 9,509 4,563

Teekay LNG - $6m increase primarily from the Teekay LNG-Marubeni joint venture due to more

employment opportunities for certain of its vessels, and from the Pan Union and Yamal LNG

joint ventures due to the deliveries of tw o LNG carrier new buildings in Q3-18

Income tax expense (4,060) (4,141)

Other - net (363) 520

Net loss (5,978) (27,410)

Net (income) loss attributable to

non-controlling interests (5,400) 5,855

Increase due to higher adjusted net income in Teekay LNG and low er adjusted net loss in

Teekay Tankers

Net loss attributable to

stockholders of Teekay

Corporation (11,378) (21,555)

Basic loss per share (0.11) (0.21)

12

Q4 2018 Outlook – Teekay ConsolidatedIncome

Statement Item Q4 2018

Outlook (expected changes from Q3-18) (1)

Net Revenues

Teekay Parent

• $13m decrease from the Banff FPSO from an unplanned shutdown in Q4-18, lower expected tariff revenues in Q4-18, and the recognition of a maintenance bonus in Q3-18

• $7m increase from the Foinaven FPSO from the recognition of additional annual operational tariff revenues in Q4-18 (in addition to $6m accrued during the first nine months of 2018)

• $2m decrease from the Hummingbird FPSO primarily from lower expected tariff revenues in Q4-18

Teekay LNG

• $10m increase from the commencement of the charter contract for the Magellan Spirit in Q4-18, which is in-chartered from the Teekay LNG Marubeni Joint Venture (see Time-Charter Hire Expense below)

• $8m increase primarily from the commencement of charter contracts for the Bahrain Spirit in Q4-18 and one MEGI LNG carrier newbuilding in Q3-18

• $2m increase due to higher forecast spot rates for the multi-gas carriers in Q4-18

Teekay Tankers

• Decrease of approximately 95 net revenue days, mainly due to the drydockings for various vessels. Approximately 54% and 59%, or 830 and 1440 spot revenue days for Aframaxes and Suezmaxes have been fixed at $19,900/day and $19,000/day, respectively, so far in Q4-18 compared to actual rates of $13,700/day and $15,800/day, respectively, in Q3-18.

Vessel Operating Expenses (OPEX)

• Teekay LNG - $4m increase due the timing of maintenance costs and newbuilding deliveries

Time-Charter Hire Expense • Teekay LNG - $4m increase from the commencement of the charter-in contract for the Magellan Spirit in September 2018 from the Teekay LNG

Marubeni Joint Venture

Depreciation and Amortization

• Expected to be consistent with Q3-18

Net Interest Expense • Teekay LNG - $2m increase from the financings of the Bahrain Spirit and one MEGI LNG carrier newbuilding which delivered in Q3-18

• Teekay Tankers - $2m increase primarily due to the two sale-leaseback transactions which completed in late Q3-18 and mid Q4-18

General & Administrative • Expected to range from $22m - $24m on a consolidated basis

Equity Income • $13m increase due to higher earnings in Teekay Offshore, primarily due to the positive settlement with Petrobras recognized in Q4-18

• $2m decrease primarily from lower earnings in Teekay LNG’s Exmar LPG, MALT and Bahrain joint ventures, partially offset by higher earnings in the Yamal joint venture

Adjusted Net Income Attributable to Non-controlling Interests

• Expected to range from $24m to $26m due to higher expected adjusted net income in Teekay Tankers and Teekay LNG (compared to adjusted net income attributable to non-controlling interests in Q3-18 of $5m)

(1) Changes described are after adjusting Q3-18 for items included in Appendix A to our Third Quarter 2018 Results Earnings Release and realized gains and losses on

derivatives (see slide 13 to this presentation for the Consolidated Adjusted Statement of Net Loss Reconciliation for Q3-18)

Consolidated Adjusted Net Loss ReconciliationQ3-18 vs Q2-18

13

Reclass for Reclass for

(in thousands of US dollars, except per share amounts) Realized Gains/ Realized Gains/

Appendix A Losses Appendix A Losses

As Reported Items (1) on Derivatives (2) As Adjusted As Reported Items (1) on Derivatives (2) As Adjusted

Revenues 416,562 - (119) 416,443 405,642 (1,721) - 403,921

Voyage expenses (90,899) - - (90,899) (94,912) - - (94,912)

Net revenues 325,663 - (119) 325,544 310,730 (1,721) - 309,009

Vessel operating expenses (157,585) 122 - (157,463) (162,537) 782 - (161,755)

Time charter hire expenses (20,965) - - (20,965) (20,648) - - (20,648)

Depreciation and amortization (69,967) - - (69,967) (67,960) - - (67,960)

General and administrative expenses (19,050) - - (19,050) (23,720) - - (23,720)

Write-down and loss on sale of vessels (2,201) 2,201 - - (32,830) 32,830 - -

Restructuring charges (813) 813 - - (1,114) 1,114 - -

Income from vessel operations 55,082 3,136 (119) 58,099 1,921 33,005 - 34,926

Interest expense (67,343) 525 (4,448) (71,266) (59,526) - (5,847) (65,373)

Interest income 2,103 - - 2,103 2,095 - - 2,095

Realized and unrealized (losses) gains on

derivative instruments (2,168) (655) 2,823 - 10,723 (14,772) 4,049 -

Equity income 13,744 (4,235) - 9,509 837 3,726 - 4,563

Income tax expense (4,334) 274 - (4,060) (8,746) 4,605 - (4,141)

Foreign exchange gain 3,553 (5,297) 1,744 - 12,529 (14,327) 1,798 -

Other - net (2,400) 2,037 - (363) 520 - - 520

Net loss (1,763) (4,215) - (5,978) (39,647) 12,237 - (27,410)

Net (income) loss attributable to

non-controlling interests (10,242) 4,842 - (5,400) 11,323 (5,468) - 5,855

NET LOSS ATTRIBUTABLE TO

STOCKHOLDERS OF TEEKAY CORP. (12,005) 627 - (11,378) (28,324) 6,769 - (21,555)

Basic loss per share (0.12) (0.11) (0.28) (0.21)

The above provides a Normalized Income Statement by adjusting for the following:

(1) removal of Appendix A items as documented in the Earnings Release

(2) reallocating the realized gains/losses to their respective line as if hedge accounting had applied

Three Months Ended Three Months Ended

September 30, 2018 June 30, 2018